In light of the developments regarding COVID-19, we would like to first say that our thoughts are with those affected by the virus in the United States and around the globe. As more jurisdictions across the country are closing schools, limiting large gatherings and taking other measures to create social distance to minimize the spread of COVID-19, our team continues to work remotely. We have robust technology that enables our team to efficiently and effectively perform their work remotely.
Our founder has been working remotely since 1993, a first mover in remote bookkeeping services which inspired the founding of Catalyst QuickBooks Solutions in April 2008. In the mid-1990s our founder fought on Capitol Hill to redefine the SBA’s definition of small business as their guidelines excluded this demographic that collectively represents as a super business power. We continue to monitor the developments of the SBA’s EIDL and PPP program. Please contact us through our portal, we will respond asap. Stay safe and healthy! #StayHome #StayStrong
Gifts in kind, often called “in-kind donations,” are a type of charitable donation in which, rather than giving cash to a qualifying nonprofit NGO with which to purchase needed supplies and services, the goods and services are donated directly.
In-kind donations are distinguished from cash or stock shares gifts. While some nonprofit observers have debated the advantages of in-kind donations over giving cash, others have argued for the disadvantages of gifts in kind, particularly in the context of disaster relief. For a summary discussion, go to Wikipedia: Gifts in kind
Whatever the pros and cons, the annual volume of entering in-kind donations being made to nonprofits is on the rise.
So how does a nonprofit properly go about entering in-kind donations in QuickBooks?
As small business owners we all have different needs. The bookkeeping systems we select may vary, the specific reports that we access to make crucial business decisions may vary, even the frequency of our accounting may be vary. But at the foundation of it all is what we call a Chart Of Accounts. And your chart of accounts is specific to your business’ needs and, set up correctly, it often will be different from that of other companies.
So What is the Chart of Accounts?
Our business dictionary defines the chart of accounts as a “System of accounting records developed by an organization to be compatible with its particular financial structure, and in agreement with the amount of detail required in its financial statements.”
Click here to see a sample Chart of Accounts